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Forex: USD/JPY plunges to 94.77/78

FXstreet.com (Barcelona) - The USD/JPY has plunged Tuesday afternoon during American trading following the drama in Cyprus, which triggered a bout of risk aversion that is permeating the markets. Having fallen through multiple supports, the pair has settled at 94.77/78 in these moments, suffering a decline of -0.50% off its opening.

“The USD/JPY failed to stabilize above the 95.50 level, trading below it linear regression indicators. Therefore, it is possible to see some bearish correction – prolonged stability of the 94.10 mark keeps the overall upside move valid however.” writes the ICN.com analyst team.

After falling through calculated support at 95.00 and 94.85, the Technical Analyst Team at ICN.com isolates supports at 94.50 ahead of 94.25. Concerning a recovery or movement higher, the USD/JPY will face resistance at 95.50, followed by 95.70, and 96.70.

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According to MNI, Michalis Sarris, the Cypriot Finance Minister has resigned on Tuesday. However, Cyprus President Anastasiades has rejected Sarris' resignation.
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